Forex news from the European morning session 17 March 2015
News:
- BOJ's Kuroda says Japan's economy continues to recover moderately as a trend
- More from Kuroda: BOJ remains committed to achieving price target in earliest time possible
- Kuroda sees no problem with liquidity in JGB market
- Kuroda says there is still a high chance of meeting inflation target period around FY2015
- Japan's Aso says it's not the govt's place to intervene in BOJ decisions
- Japan's Abe says exiting deflation is not easy
- ECB's Praet: Eurozone is in a cyclical not structural recovery
- Success of QE will depend on banks lending standards says ECB's Makuch
- German ZEW institute says concerns over Russia/Ukraine still dampening sentiment
- Moody's say Germany's strong economy and fiscal record support its credit profile
- BOE's Brazier: Greece will not repay its current level of debt in any realistic scenario
- UK Budget Preview (2) - Of budgets and balance.The gospel according to Lilac
- Guest Trader - Be patient with EURUSD over the FOMC
- Option expiries 10am NY cut 17 March
Data:
- German ZEW current conditions 55.1 vs 52.0 exp
- Eurozone ZEW economic sentiment expectations 62.4 vs 52.7 prev
- February 2015 Eurozone HICP final -0.3% vs -0.3% exp y/y
- Q4 2014 eurozone employment 0.1% vs 0.2% prior q/q
- Nikkei 225 closes up +0.99% at 19,437.00
It's been a lively morning that's seen the euro find some good loving and the pound rather less so
The euro picked up a bid from the off today on not a lot more than renewed hope that things could be getting a tad better in the Eurozone and this was given further support from better ZEW data
EURUSD had an initial run higher to 1.0595 from 1.0550 and EURGBP to 0.7150 from 0.7120 but then both have been on a further mission and broken strong res/offers at 1.0625/0.7180 to so far post 1.0636 and 0.7206. The story has been similar on EUR crosses but to a lesser effect as it's the pound that's come in for particular attack so far with traders starting to unwind long positions
GBPUSD had a run up to 1.4845 on early USD-neg sentiment but then dropped like a stone to 1.4800 as EURGBP started to surge from 0.7150 and then finally broke down through strong support/bids around 1.4775 to post 1.4745
USDJPY enjoyed some early EURJPY demand around 121.35 but was soon getting slapped lower on general USD-neg plays and GBPJPY selling while USDCHF shadowed EURUSD and has fallen from 1.0075 down to 1.0010
USDCAD has been hemmed in between 1.2750-1.2800 again while AUDUSD and NZDUSD have enjoyed mixed fortunes with the latter making fewer gains as AUDNZD buyers dominate
A busy session, and some, and one that promises more before the day is out
